NFP: Sluggish job recovery undermines dollar, gold positive
|The US economy gained 1.763 million jobs in July while the unemployment rate stands at 10.2%. Slow hiring trend is downbeat for the dollar and good for gold, FXStreet’s analyst Yohay reports.
Key quotes
“America gained 1,763 million jobs in July, 1.462 million in private payrolls, both better than expected – but a significant deceleration from June's 4.791 million jobs. Overall, there still are some 10 million people who have not returned to work. Job restoration is slowing down.”
“The current broad dollar downtrend could continue as other countries seem to be moving up and not down. Gold has room to extend gains amid speculation of further monetary and fiscal stimulus.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.